Grimes & Company Inc. Cuts Holdings in Biogen Inc. (NASDAQ:BIIB)

Grimes & Company Inc. reduced its position in Biogen Inc. (NASDAQ:BIIB) by 0.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 47,467 shares of the biotechnology company’s stock after selling 273 shares during the quarter. Grimes & Company Inc.’s holdings in Biogen were worth $9,201,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Plato Investment Management Ltd lifted its position in Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares during the period. Itau Unibanco Holding S.A. purchased a new stake in shares of Biogen in the 2nd quarter valued at approximately $33,000. EntryPoint Capital LLC acquired a new position in shares of Biogen in the 1st quarter worth approximately $36,000. Versant Capital Management Inc lifted its holdings in shares of Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after acquiring an additional 85 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in Biogen by 249.0% during the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock worth $38,000 after buying an additional 127 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Stock Performance

Shares of BIIB stock traded up $2.24 during midday trading on Thursday, hitting $185.22. 67,484 shares of the company were exchanged, compared to its average volume of 1,114,598. The firm has a market capitalization of $26.97 billion, a P/E ratio of 22.84, a PEG ratio of 1.87 and a beta of -0.06. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. The firm’s 50 day moving average price is $196.04 and its two-hundred day moving average price is $210.47. Biogen Inc. has a 52 week low of $181.31 and a 52 week high of $268.30.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.39 billion. During the same quarter in the previous year, the company earned $4.02 EPS. The business’s revenue was up .4% on a year-over-year basis. As a group, equities research analysts anticipate that Biogen Inc. will post 16.13 earnings per share for the current year.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BIIB. Cantor Fitzgerald reiterated an “overweight” rating and set a $292.00 target price on shares of Biogen in a report on Monday, September 9th. Raymond James restated a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. StockNews.com upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Wedbush dropped their target price on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research report on Monday, September 23rd. Finally, Scotiabank lowered their price objective on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Nine analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Biogen presently has an average rating of “Moderate Buy” and an average target price of $271.39.

Biogen Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer’s disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.